Insurance EuropeInsurance Europe
Position Paper
Key points for insurers regarding natural catastrophes in Europe

Insurance Europe welcomes the opportunity to issue its key points of concern in relation to the European Commission’s plans to issue a Green Paper on natural catastrophes. Insurance Europe fully supports the Commission’s work on exploring this topic and stresses that a focus should be placed on increasing the knowledge about Member State risk profiles and exposures as well as on the insurability of natural catastrophe risks.

Naturally, the collection and sharing of this information can help prepare against natural catastrophes and minimise their impact without damaging currently well-functioning insurance systems. The variety in risk exposures due to regional environments, level of public awareness about potential risks, extent of government intervention (ie solidarity funds) and practice of adaptation measures (eg flood defences, building codes, sewage back-up systems), demonstrates that no “one size fits all” scheme for the EU is appropriate.

Rather, a minimum harmonisation approach – with a focus on best practices to improve the insurability of risk – should be considered if any legislative action is contemplated.

Published 27 November 2012
Nicolas Jeanmart
Nicolas Jeanmart
Head of personal & general insurance